@unsungivy wrote:🤨
I didn't say it WAS a HYSA. I said it was their equivalent. And it is, in that I can park my money there and it's earning far and above what BofA offers in interest rates for their savings accounts with doing exactly nothing.
If you do "exactly nothing," the cash gets swept into an FDIC insured account that pays the same nothing interest rate as a BoA savings account, which tops out at 0.2%ish.
You can divide the money up into historically safe, but non FDIC insured, money market mutual funds that out perform HYSAs.
It takes a few days to get your money back out of them if you need it for something though.
You can automate reinvestment of funds from them, but it is in no way a park it and do nothing type of account.
If you have a substantial IRA, and an interest in parking something low maintenance at Merrill to qualify for BoA Preferred Rewards, I'd suggest that rout.
@markbeiser wrote:
@unsungivy wrote:🤨
I didn't say it WAS a HYSA. I said it was their equivalent. And it is, in that I can park my money there and it's earning far and above what BofA offers in interest rates for their savings accounts with doing exactly nothing.
If you do "exactly nothing," the cash gets swept into an FDIC insured account that pays the same nothing interest rate as a BoA savings account, which tops out at 0.2%ish.
You can divide the money up into historically safe, but non FDIC insured, money market mutual funds that out perform HYSAs.
It takes a few days to get your money back out of them if you need it for something though.
You can automate reinvestment of funds from them, but it is in no way a park it and do nothing type of account.
If you have a substantial IRA, and an interest in parking something low maintenance at Merrill to qualify for BoA Preferred Rewards, I'd suggest that rout.
I opened the CMA Edge. I've done "exactly nothing" past that initial opening, and have been getting 4.1%-4.75% each month. So 🤷♀️ sorry to disappoint. I don't know enough about it for it to be because I've set it up to do XYZ automatically 😜 whatever is happening is the default settings. Which to me, falls under the definition of doing "exactly nothing".
Sock - 
Chopping Block - 
Debit Cards - 
@unsungivy wrote:I opened the CMA Edge. I've done "exactly nothing" past that initial opening, and have been getting 4.1%-4.75% each month. So 🤷♀️ sorry to disappoint. I don't know enough about it for it to be because I've set it up to do XYZ automatically 😜 whatever is happening is the default settings. Which to me, falls under the definition of doing "exactly nothing".
Interesting, do you also have other Merrill accounts that are managed, part of one of the advisory programs, or back door through Blackrock?
I'm not seeing any way to get Tier 5 with the Merrill bank deposite program with just self directed Edge accounts, even with >$10million in deposits, so I'm wondering if I'm missing something.
@markbeiser wrote:
@unsungivy wrote:I opened the CMA Edge. I've done "exactly nothing" past that initial opening, and have been getting 4.1%-4.75% each month. So 🤷♀️ sorry to disappoint. I don't know enough about it for it to be because I've set it up to do XYZ automatically 😜 whatever is happening is the default settings. Which to me, falls under the definition of doing "exactly nothing".
Interesting, do you also have other Merrill accounts that are managed, part of one of the advisory programs, or back door through Blackrock?
I'm not seeing any way to get Tier 5 with the Merrill bank deposite program with just self directed Edge accounts, even with >$10million in deposits, so I'm wondering if I'm missing something.
No, it's my first and only Merrill account. I was already a Preferred customer from my money wasting away in a regular savings with BofA.
I finally got around to starting to look into doing investments, and started to look into speaking to someone. I ended up cancelling out rather than making an appointment, but then THEY called ME because they noticed I was just skimming the interest earned off to elsewhere (HYSA I have elsewhere). The advisor I spoke with went over some options, and told me about this account type... I was surprised given that the interest rate on BofA savings accounts sucks, and he pointed out that this option is with Merrill, not BofA. He sent me a walkthrough to open it, which I followed. And I haven't touched anything since (this was in August). It was 4.75% at opening, looks like with recent interest cuts it's down to 4.1% in my October statement. These rates are good enough for me to leave the accumulating interest there until I get a chance to look into ACTUAL investing with it through Merrill. I have paid no fees.
@unsungivy wrote:No, it's my first and only Merrill account. I was already a Preferred customer from my money wasting away in a regular savings with BofA.
I finally got around to starting to look into doing investments, and started to look into speaking to someone. I ended up cancelling out rather than making an appointment, but then THEY called ME because they noticed I was just skimming the interest earned off to elsewhere (HYSA I have elsewhere). The advisor I spoke with went over some options, and told me about this account type... I was surprised given that the interest rate on BofA savings accounts sucks, and he pointed out that this option is with Merrill, not BofA. He sent me a walkthrough to open it, which I followed. And I haven't touched anything since (this was in August). It was 4.75% at opening, looks like with recent interest cuts it's down to 4.1% in my October statement. These rates are good enough for me to leave the accumulating interest there until I get a chance to look into ACTUAL investing with it through Merrill. I have paid no fees.
It sounds like it may be in a money market mutual fund within the CMA Edge account, which is what I do with cash I don't have in stocks/ETFs, or need for immediate bills.
I use my CMA as my primary checking, savings and investment account.
While I'm no expert, I don't see a way to get those kind of rates by just depositing cash and letting it sit.
If there is a way, I'd love to find out how, as the money market mutual funds are not FDIC insured, and can take a few days to get your money back out of and settled.
This thread has digressed away from the benefit of the Customized Cash Card. I just wanted to respond to the "meh" comment ...
I spend about $20k-$30k annually with online vendors, over and above my Amazon purchases. This card kicks back $200-$300 more annually into my pocket vs the cashback I would otherwise receive via any other card on which I might place these purchases. For a "no annual fee" card, that's an impressive advantage; not "meh" at all.
Anyone who doesn't have this card in their wallet is leaving cash on the table if they shop online to any extent outside of Amazon and it's affiliated cc.
